New shop openings boosted Pepco Group’s core earnings by 46 percent.

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Pepco Group, which owns the discount retailer brands PEPCO, Poundland, and Dealz in Europe, reported a 46 percent increase in full- year core earnings on Tuesday, owing to new store openings.

In the year ended September 30, the company reported underlying profits before interest, taxes, depreciation, and amortization (EBITDA) of 647 million euros ($730 million), in line with projections of 640-655 million euros.

Pepco raised revenue by 19.4 percent to 4.12 billion euros after listing on the Warsaw stock exchange in May with a valuation of 5 billion euros.

There were 483 new store openings, bringing the total to 3,504. The company claims to have a robust new store pipeline for the years 2021-22 and beyond.

Story by : Norvisi Mawunyegah